At Fairchild Engine & Aircraft Corp.'s plant in Hagerstown, Md., Chairman J. Carlton Ward Jr., 56, last week called his stockholders' meeting to order. Thin and grey as a timber wolf, Ward seemed calm, but he had good reason to be nervous. Before him sat Sherman M. Fairchild, 53, the company's founder and onetime president, who had come to Hagerstown sworn to kick Ward out.

It was a situation full of irony. In 1939, when Inventor Fairchild wanted to float $800,000 worth of financing for his company, bankers insisted that he bring in...

Want the full story?

Subscribe Now


Get TIME the way you want it

  • One Week Digital Pass — $4.99
  • Monthly Pay-As-You-Go DIGITAL ACCESS$2.99
  • One Year ALL ACCESSJust $30!   Best Deal!
    Print Magazine + Digital Edition + Subscriber-only Content on

Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!